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Web3的底层逻辑：制度经济学视角

资讯 2024-06-25 阅读:101 评论:0
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本文来自微信公众号：暗淡橘瓣（ID：andan_juban），作者：Kokii，头图来自：视觉中国


一、为什么要思考Web3的底层逻辑


现在的Web3/Crypto充斥着各种新鲜的名词，让这个本就晦涩的新行业更令人费解。从技术/应用上的共识算法、Rollup、零知识证明、DeFi、NFT、GameFi、DAO、跨链桥、预言机、DID、SBT，到概念上的密码朋克、主权个人、去中心化、抗审查、无许可、可组合性、创作者经济、分布式治理、价值互联网、永久存储、Code is Law、X to Earn，都让人听得云里雾里，再加上充斥着各类监管禁令、意识形态、骗局、旁氏、低效且反直觉的应用场景，让人实在摸不清脉络。

The current Web3/Crypto is full of fresh terms that make the new industry more obscure. Consensus algorithms from technology/application, Rollup, Zero Knowledge Certificate, DeFi, NFT, GameFi, DAO, Cross-link Bridges, Prophecy, DID, SBT, to conceptual code punks, sovereign individuals, decentralisation, resistance, lack of permission, combinability, creator economy, distributed governance, value Internet, permanent storage, Code is Law, X-Earn, and a variety of regulatory prohibitions, ideology, scamming, endowing, ineffective and counterintuitive applications that make it hard to understand.


爱它的人说它是未来，是不亚于互联网的一次基础性技术变革；恨它的人说它是概念的堆砌，是风险投资机构生造的资本泡沫，是自由放任主义者的自娱自乐。

Those who love it say it is the future, no less than a fundamental technological change on the Internet; those who hate it say it is a build-up of concepts, a capital bubble created by venture capital institutions, and a liberal self-recreation.


专注于细节会阻碍人看清全貌。互联网刚被小部分极客采用时十分虚无缥缈，谁也无法料想未来的发展，满是各类创新、协议和产品，十年后百不存一。技术如搜索引擎的爬虫算法、应用如新闻门户就是套浏览器壳的报纸吗、观念如网络效应如何影响社交媒体，这些问题可能很重要，但不是互联网最核心的逻辑。但只要把握互联网“前所未有地降低了信息流通的成本”这一底层逻辑，就能意识到它将如何大刀阔斧改变社会，并在搜索引擎、社交媒体、网上购物/支付、智能手机、网约车、本地服务、算法推荐出现时识别出来风的动向。

focuses on details that prevent people from seeing the whole picture. The Internet has just been introduced by a small segment of the public, and no one can imagine future development, with all kinds of innovations, protocols, and products. Ten years later, technology such as the reptiles of search engines, applications such as news portals are newspapers with browser shells, ideas such as how network effects affect social media, may be important, but not the most central logic of the Internet. But by grasping the bottom logic of the Internet , “Unprecedentedly reducing the cost of information flow” , one can see how it will dramatically change society and recognize the movement of wind when search engines, social media, online shopping/paying, smart phones, Internet subscriptions, local services, and algorithms are recommended.


技术进步更多时候是堆叠而非跳跃的，因此预测未来是一件极其困难的事，尤其是在政策、技术都极为初期的当下。今天的Web3依旧非常早期，绝大多数我们现在争论的产品和服务、商业模式、代币模型都会在泡沫破碎中死掉。因此，这篇文章不谈ZK-Rollup的电路设计、GameFi就是套Tokenomics壳的游戏吗、可组合性如何影响DeFi等等，只讨论最核心的问题：Web3的创新点究竟在哪？它会如何改变这个世界？

Technological advances are more stacking than jumping, so predicting the future is extremely difficult, especially in the early stages of policy and technology. Web3 is still very early today, and most of the products and services, business models and token models that we are debating will die in the bubble. So, this article does not talk about ZK-Rollup's circuit design, the GameFi is a Tokenomis shell, how collusiveness affects DeFi and so on, but only the most central question: Where is the innovation of Web3? How does it change the world?


二、Web3是什么


Web3是区块链或数字资产相关技术建立起来的Web体系。定义是用来认识结构和机制的，这个定义足够完善，但也同样令人困惑。目前Web3最公认的陈述是：Web1对大多数用户来说是只读的，Web2 允许用户既读又写，Web 3 通过区块链赋予了用户“阅读-写作-拥有”的权力。

Web3 is a web-based system of block chains or technology related to digital assets. The definition is designed to recognize structures and mechanisms. It is sufficiently elaborate, but it is equally confusing. The most widely accepted statement of Web3 is that Web1 is read-only for most users, Web2 allows users to read and write and Web 3 empowers users to “read-write-own” through block chains.



但可读可写是人与内容的交互关系，而拥有的本质是社会契约关系。前者是信息，后者是资产，二者处理的维度不一样，因此将Web3单纯看作是Web2的一种延续是视角的错位。人们为什么放着便宜快捷的Web2不用，要用消耗能源、又贵又慢又复杂的Web3呢？

but readable and writeable is the interaction between people and content, while the essence is the social contract relationship. The former is information, the latter is assets, and the two deal with different dimensions, so it is a misalignment to view Web3 simply as a continuation of Web2. Why does /strong use cheap and fast Web2 instead of energy-consuming, expensive and complex Web3?


一项创新得以采用只有一个原因，满足人的新需求，或者更好地满足老需求。忍受复杂的助记词、昂贵的手续费、时不时宕机的公链、日常被黑客当作提款机的协议、被钓鱼网站偷光钱包的风险，不是为了将在手机就能做的事放到区块链上重新做一遍，至少现在不是，否则很难解释为什么会有人花几百万买一张所有人都能右键保存、还丑得离谱的图片。

There is only one reason why an innovation can be introduced to meet new needs of people, or to better meet old needs. It is difficult to explain why someone spends millions of dollars on a picture that everyone can keep with the right key and that is ugly.


让我们倒回到原点，从白皮书的标题开始：比特币，一种点对点的电子现金系统；以太坊，下一代智能合约和去中心化应用平台。本文将说明，Web3最核心的创新点就在白皮书的标题里：“Token”与“智能合约”。并尝试用制度经济学的视角解释，与其说Web3是类似于“蒸汽机”的技术创新，其更类似于“资本主义”的制度创新。

Let's go back to where we started, starting with the title of the White Paper: Bitcoin, a point-to-point electronic cash system; and Ether, the next generation of smart contracts and decentralised application platforms. This paper will show that the core innovation of Web3 is in the title of the White Paper: “Token” and “intellectual contracts”.


三、制度与制度经济学


制度经济学是经济学的一个子集，与政治学、社会学或历史学相交叉，用经济学的方法研究制度在社会经济背景下的作用。单个人满足自己愿望的能力是有限的，地球上甚至没有人曾独自生产出一支铅笔。这依赖智利的石墨工人、加拿大的伐木工人、中国台湾的胶水制造商、德国的生产线制造商、中国的商人以及千百万不知名的人参与合作和作出贡献。

Institutional economics is a subset of economics, intersecting with political, sociological, or historical science, and studying the role of economics in the socio-economic context. The ability of individuals to satisfy their aspirations alone is limited, and no one on Earth has ever produced a pencil alone.


在专业化劳动分工精妙复杂的现代社会，人需要与难以计数的陌生人、组织进行交易、合作。人类的相互交往，尤其是经济生活的相互交往，依赖于信任。信任以秩序为基础，而要维护这种秩序，就要依靠各种禁止不可预见行为和机会主义行为的规则，我们称这些规则为“制度”。

In modern societies with a sophisticated and complex division of labour, people need to deal and cooperate with countless strangers, organizations, and organizations. Human interaction, especially economic life, depends on trust. Trust is based on order, and maintenance of it depends on rules that prohibit unforeseeable and opportunistic behaviour, which we call “systems”.


为什么人类社会需要制度？主要原因可以归结为以下方面：人的有限理性（主观的智力资源稀缺）、客观环境的不确定性、人的机会主义倾向。制度让人的行为具备可预见性，在大规模的人类协作中减少协调活动的成本，以便有效利用资源。我们之所以能将兢兢业业工作挣来的钱放心交给下一秒就忘记相貌的银行出纳员，将自己的身体安心交给素未谋面的医生，是因为他们都受制于制度。回过神来，人类社会太多理所当然的事实际上都垂悬在由制度编制的信任之网上。

The main reason why human society needs institutions is that the limited rationality of humans < strong >, uncertainty of the objective environment, human opportunism. The system allows for predictable behaviour and reduces the cost of coordinating activities in large-scale human collaborations in order to make efficient use of resources. The reason why we can give money earned by dedicated work to bankers who forget appearances at the next second is because they are subject to institutions.


制度是演化而来的，与政策不是一回事，当人们发现有更好的有效率的制度取代现存的制度，就会出现制度变迁的可能。制度规范人与人之间的关系，而人与人之间的关系是一种社会关系之间进行的博弈，利益不一致的情况出现于几乎所有人类活动中，相关各方的最后总目的是通过自己的选择以期实现一个对己方有利的结局。经济学家在把经济过程作为博弈过程处理的同时，不仅把制度看作博弈的规则，也把它作为博弈的结果（均衡）。只要人们反复地发生交易或其他经济关系，就会通过逐步演化或人为的有意识设计产生规则。当我们把时间拉得长一点来看，历史上所有称为革命、改革、复辟、前进、倒退等等这些内容，其中最紧要的实质都是制度演变。

The system of strong has evolved and is not the same as policy. When one finds that there is a better and more efficient system to replace the existing one, there is a potential for institutional change. regulates the relationship between man and man, and the relationship between man and man is a game of social relations in which inconsistency of interests occurs in almost all human activities. The ultimate aim of the parties concerned is to achieve an outcome beneficial to themselves through their choice. While economic processes are treated as a game process, economists view the system not only as a game rule, but as a result of the game . As long as transactions or other economic relations are repeated, the rules are created through progressive evolution or artificially conscious design.


对比法学、政治学、伦理学、文化学及社会学甚至人类学，制度经济学对制度关注的层面及视角不一样。诺思将制度定义为一个社会的游戏规则，制度是人们结成的各种经济、社会、政治等组织或体制，它决定着一切社会经济活动和各种经济关系展开的框架，因此各个社会学科都与制度有着内在的联系，是社会科学的一个共有范畴。

In contrast to law, politics, ethics, culture, and sociology, and even anthropology, institutional economics have different dimensions and perspectives on the system. North defines the system as the rules of the game of a society, a system of economic, social, political and other organizations or institutions in which people form, which determines the framework within which all socio-economic activities and relations are carried out, so that the various social disciplines are intrinsically linked to the system and are a common domain of social science.


人类社会上的制度包罗万象，从宪法到社交礼仪到红绿灯的协调方式，不同制度的重要性和影响天差地别。制度经济学关心对人类经济影响最深远制度的创造和演变。人类的理性选择将创造和改变诸如产权结构、法律、契约、政府形式和管制这样一些制度，这些制度和组织将提供激励或建立成本与收益，最终这些激励或成本与收益关系在一定时期内将支配经济活动和经济增长。

Institutional economics is concerned with the creation and evolution of systems that affect the most far-reaching aspects of the human economy. Human rational choices will create and change systems such as property-rights structures, laws, contracts, forms of government and regulation that will provide incentives or create costs and benefits that, in the end, will dominate economic activity and growth for a certain period of time.


交易是人类经济活动的基本单位，也是制度经济学的基本分析单位。制度经济学基本理论工具是交易费用理论和产权理论。

The basic theoretical tools of institutional economics are the theory of transaction costs and the theory of property rights.




产权方法和交易成本方法存在差别，前者需要一种对个人诱因的分析，而后者则把个人置于一个更广阔的机构框架内，例如容许把公司作为一个组织起来的实体而加以分析。

There are differences between the equity approach, which requires an analysis of individual incentives, and the transaction cost approach, which places individuals within a broader institutional framework, such as allowing companies to be analysed as an organized entity.


1. 产权


产权是财产所有权或财产权利的简称，强调的是财产的所有者对财产拥有的最终控制权。今天全世界所有国家商业上使用的法律都是从罗马法里衍生出来的，而罗马法里产权概念的核心就是控制权。最简单的商品如铅笔，权利与商品本身不可分，而复杂的商品如土地、森林、企业、知识、思想、金融产品，支配和享用它的权利就成为不是简单物品买卖可以处理的事。任何商品或资源的交易只有在产权界定清楚的情况下才能顺利进行，市场价格机制才能起到作用，资源才能有效地得到配置。

Property rights are the acronym of property ownership or property rights, with emphasis on the ultimate control of property ownership by the owner of property. The laws that are used commercially in all countries of the world today are derived from Roman law, the core of which is the concept of property rights. The simplest commodity, such as pencils, is the right that is inseparable from the commodity itself, while complex goods, such as land, forests, businesses, knowledge, ideas, financial products, are the right to control and enjoy them, become something that cannot be dealt with in the simple sale of goods.


私有产权、共有产权和国有产权基本涵盖了产权的范围。不同性质的资源要有不同的产权形式与之配合。产权既是一种利益关系，又是一种责任关系，对应激励与约束。良好界定的产权限制人们使用资产的方式，激励人们最大化资产的价值。

Private, community and state ownership essentially cover the scope of property rights. Resources of a different nature are matched by different forms of property rights.


产权作为控制权衍生出来许多其他权利，叫做权利束。包括了占有权、使用权、收益权、处置权；处置权又分成交易权、继承权、赠与权，等等。产权的可分割性可以增加资产的有用性，使具有不同需求和知识的人们将某项独特的资产投入他们所能发现的最有价值的用途上去。例如具有企业家才能但没有资产的人，可以较容易获得他人的资产，以最大化双方的总产出；重大项目和基础设施所需的巨额资本可以通过股份制聚集起来等等。从发展的趋势看，随着生产社会化程度的提高，产权由合一到分解是社会分工的发展在产权权能行使方面的具体表现。

The separability of property rights, as a right of control, can increase the usefulness of assets and allow people with different needs and knowledge to invest a unique asset in the most valuable use they can find. For example, those with entrepreneurial skills but no assets can have easier access to the assets of others in order to maximize the total output of both parties; the huge capital required for major projects and infrastructure can be assembled through a share system, etc. Development trends suggest that, with increased socialization of production, the fragmentation of property rights is a concrete manifestation of the social division of labour in terms of the exercise of property rights.


在产权制度的基础上，产生出其他的制度，比如企业制度、市场制度、金融制度、法律制度、政治制度等。现代社会错综复杂的企业结构、金融市场等创新的基础，就是产权制度的创新。在制度变迁和制度创新中，产权都是重要的变量。这一点，经历过市场经济改革的中国应该深有体会。

On the basis of the property rights system, produces other systems, such as enterprise systems, market systems, financial systems, legal systems, political systems, etc. The basis for innovation in modern society’s complex business structures, financial markets, etc. is innovation in the property rights system. Property rights are important variables in institutional change and institutional innovation.


2. 交易费用


交易费用是经济制度的运行费用，广义上包括制度的制订成本、实施成本、维护成本、变革成本。在现实中，制度或者说交易的规则有各种各样，每一种制度都有交易成本。例如产权制度的成本就是度量、界定、维护和交换产权的成本。

The transaction costs are the operating costs of the economic system, which broadly includes the costs of system development, implementation, maintenance, and change costs. In reality, the rules of the system or transaction are varied and each system has transaction costs. For example, the costs of a property rights system are the costs of measuring, defining, preserving and exchanging property rights.


交易费用是制度经济学的核心，用交易费用理论可以研究人类历史上和现实中的各种制度安排。在新古典经济学的完全竞争市场里，交易费用为零，私有产权是健全的，亚当·斯密的“看不见的手”能使资源配置达到帕累托最优，制度、产权、法律、规范等可有可无。在有摩擦的现实经济生活中，很多制度要么是为了减少成本而创造出来，要么是使以前受过高交易成本阻碍而不可能实现的事变成可能。

Transaction costs are at the heart of institutional economics, and the theory of transaction costs can be used to study institutional arrangements in human history and reality. In a fully competitive market for neoclassical economics, transaction costs are zero, private property rights are sound, Adam Smith's “invisible hands” can best allocate resources to Pareto, institutions, property rights, laws, norms, etc. In frictioned real economies, many systems are either created to reduce costs or to make it possible for things that were previously impossible to do because they were hampered by high transaction costs.


交易费用的测量是理论的关键和难点，包括两部分：经由市场可以衡量的成本，根据一些估计，现代市场经济中的交易费用占净国民生产总值的50%-60%，这个数字还不包括建立新制度和组织的初始成本；和难以衡量的成本，如获取信息、排队等候的时间、贿赂，以及由不完全监管和实施造成的影响。

The measurement of transaction costs is the key and difficult part of the theory and consists of two parts:


具体而言，现实生活中的交易是通过契约完成的。契约是当事人（两人以上）为改进自己的经济状况（至少理性预期）而在交易过程中确立的一种权利流转关系。任何交易总是或明或暗地在一定的契约关系中进行，现代经济学将所有的市场交易，无论是长期的还是短期的，显性的还是隐形的，都看做一种契约关系。一个消费者购买了一张火车票，消费者和铁路公司之间就有一个隐性契约：消费者支付费用，铁路公司在规定时间内将消费者安全送到目的地。

In particular, real-life transactions are done through a contract. The contract is a right flow relationship established by the parties to improve their economic situation in the course of a transaction. Any transaction is always carried out either explicitly or implicitly in a certain contractual relationship, and modern economics treats all market transactions as a contractual relationship, whether long-term or short-term, visible or invisible.


契约的基本功能是维护缔约多方的合作，鼓励缔约方在恪守承诺、承担责任的前提下，谋求新的、更为远大的利益。正是契约制度的这一性质，成千上万个不同的、细微的所有权结合成一个巨大的所有权；同一个所有权又能合理分离，分工合作，构成“所有者-经营者-使用者”链条上的不同环节。在经济发展的漫长过程中，人们之间的交易行为不断扩展演变，契约也越来越复杂。

The basic function of a contract is to maintain the cooperation of the contracting parties and to encourage the parties to pursue new and more ambitious interests in the context of their commitment and responsibility. That is the nature of the contractual system, in which thousands of different and subtle ownership rights are combined into one great title; where the same ownership is reasonably separated and the division of labour is divided, forming different links in the chain of “owner-operator-user.” During the long process of economic development, transactions between people have evolved and contracts have become more complex.


从契约的角度出发，具体交易的交易费用应包括：准备契约的成本（信息的采集）、达成契约的成本（谈判、签订）、监督和实施契约的成本。

From a contractual point of view, the transaction costs of a particular transaction should include: the costs of preparing the contract , the costs of entering into the contract , the costs of monitoring and implementing the contract.



四、从产权到Token


有效率的产权制度能够把产权从低效的人手中转移到高效人的手中。套用前文中交易费用理论，要达到更有效率的产权制度，需要降低度量、界定、维护和交换产权的成本：

An efficient property rights system can shift property rights from inefficient to efficient ones. Applying the theory of transaction costs in the preceding paragraph, achieving a more efficient property rights system requires reducing the costs of measuring, defining, preserving and exchanging property rights:


1. 产权的属性完备：产权属性越完备，产权制度就越有效率

1. Property rights are fully owned : the more fully owned they are, the more efficient the property regime is.


2. 产权的界定明晰：这是市场机制有效发挥作用的前提

2. Clear definition of property rights : This is a prerequisite for the effective functioning of market mechanisms


3. 产权的有效保护：产权保护越好，产权的功能发挥得就越好

3. Effective protection of property rights : The better the protection of property rights, the better the functioning of property rights.


4. 产权的交易成本低：这是产权顺畅交易的基础

4. Low transaction costs of property rights : this is the basis for smooth transactions of property rights


产权制度的每一次进步，大都离不开以上几条的创新。无形资产例如专利、版权所有权的界定，让知识所有者能从与人分享知识中获取物质收益；所有权与经营权的分离，导致现代股份制公司的产生；一国的法治化程度、市场化越高，市场就越是高效。对比而言，空气的所有权难以界定，就有了污染问题的市场失灵。

Each advance in a property rights regime is largely dependent on the above-mentioned innovations. Intangible assets, such as patents, the definition of copyright ownership, allow owners of knowledge to derive material benefits from knowledge-sharing; the separation of ownership and business rights, leading to the creation of modern stock companies; and the more efficient the market is with the rule of law and the higher the market in a country. By contrast, ownership of air is difficult to define, and there is a market failure with pollution problems.


Token是Web3的原子单元，由分布式账本共同管理。Token起源于比特币，人类第一次尝试用技术的方式取代货币制度，但显然已经宣告失败了，现在比特币变成了一种数字黄金。它的失败是可预见的，因为货币制度是人类经济活动中最为复杂、也最为根本的制度。但比特币已经为我们打开了新世界的一扇门：Token。

Token is the atomic unit of Web3 and is managed jointly by distributed books. Token originated in Bitcoin, where the first attempt to replace the monetary system with technology was clearly declared a failure, and now Bitcoin has become a digital gold. Its failure is foreseeable, because the monetary system is the most complex and fundamental of human economic activity.


在公共基础设施如以太坊上，任何人都可以以极低的成本部署Token。截至写作时间（2022年8月），CoinMarketCap上列出了超过9000个公开交易的Token，这还只是Fungible Tokens的数量。这些FT可以被细分为很多类别，从证券到效用到价值储藏到治理，不同的权利对应现实生活中各种已有产权。

Token can be deployed at very low cost to anyone in a public infrastructure such as the Taiku. By writing time , CoinmarketCap lists more than 9,000 publicly traded Tokens, which is just the number of Fengible Tokens. These FTs can be broken down into many categories, ranging from securities to utility to value storage to governance.


Token的多种角色错综复杂，它好像可以是任何形式的经济价值或访问权（的链上版本）：股票、债券、货币、礼品卡、积分、俱乐部会员、身份证、学历文凭、机票等。虽然在新兴领域中缺乏明确定义是很常见的，但这并不代表Token的多种角色是一种错误，而是体现了其在最抽象的意义上代表价值的特性。

Token’s multiple roles, which seem to be complex, can be any form of economic value or access : stocks, bonds, money, gift cards, credits, club members, identity cards, diplomas, airline tickets, etc. While the lack of a clear definition is common in emerging areas, it does not represent Token’s multiple roles as a mistake, but rather as a reflection of its characteristic of value in the most abstract sense.


任何人都可以用Token来发行任何类型的资产和访问权限，包括全新的资产类别。与前文中产权的概念联系，Token是一种产权管理工具，可以代表任何现有的数字或物理资产，或对他人资产的访问权限。如果你认同前文关于产权重要性的叙述，应该不难理解这件事将有多么深远的影响。

Token can be used by anyone to issue any type of asset and access, including new asset classes. Token is a property rights management tool that represents any existing digital or physical asset, or access to another person’s asset. If you agree with the description of the importance of property rights, it should be easy to understand how far-reaching this would have been.


但产权管理为什么一定要是Token呢？为什么一定要放在区块链上呢？支付宝里的数字也是一种产权证明，而且还更高效。仅仅发明概念是不够的，概念的落地需要应用的配套。Token相较于链下产权，核心的优势在于：密码学的产权保护，竞争的产权创新和高效的产权流通。同时底层的产权创新是复杂经济活动，如契约创新（智能合约）、组织创新（DAO）的基石。

But why does property management have to be Token? Why must it be placed on the block chain? The number of payment treasures is also a proof of property rights, and it is more efficient. It is not enough to invent concepts, and their landing needs to be matched by their application. Token has the central advantage of: cryptography for property rights protection, competitive property innovation, and efficient property flow. And bottom-level property innovation is the cornerstone of complex economic activity, such as contractual innovation .


1. 密码学的产权保护


只有已经具备了保护产权的背景，人们才可能专门关心在保护产权之下的效率问题和操作问题。现代社会复杂的产权机制，底层的调度依赖国家管理。因为国家具有使其内部结构有序化的相应规则，并具有实施规则和与其他国家竞争的强制力，即与其他组织相比，国家具有“暴力潜能”的优势。

Only when the context for the protection of property rights is in place can one focus on efficiency and operational issues under the protection of property rights. The complex property rights mechanisms of modern societies, with bottom-level movement dependent on state regulation, have the corresponding rules for the orderly internal structure of the state and the force to enforce rules and compete with other states, i.e. the state has the “violence potential” of comparison with other organisations.


暴力实质上也是一种资源，它既包括军队、警察、监狱等暴力工具，也包括权威、特权、垄断权等无形资产。这里的暴力不带任何贬义的色彩，制度是源于个体相互制约演化而来，现行产权保护的逻辑如此，是因为由国家承担这项职能更有效率。国家暴力资源之所以能更有效的使用，在于它是对付暴力的暴力，它的职能是生产和出售（税制）一种确定的社会产品：安全和公正。如果我们处于无政府状态，所有人都必须抵抗他人以保卫其财产，国家暴力能达到规模效应和防止“搭便车”问题。

Violence is a resource, in essence, as well as an instrument of violence, such as the army, the police, prisons, and intangible assets such as authority, privilege, monopoly, etc. Violence here is devoid of any pejorative colour, and the system is derived from the evolution of individual checks, and the logic of existing property rights protection is that it is more efficient for the state to assume this function. The resource of State violence is used more effectively to deal with violence, and its function is to produce and sell


但政府保护性职能是有局限性的。在政府的保护性职能中，有相当一部分是通过政府管制来实现的。在政府的保护性职能中存在一种倾向，即喜好强调安全，而不惜牺牲对竞争系统协调能力和控制能力的培育，并因而牺牲繁荣。此外，信息和资本的全球化让跨国间的交易与协作越来越频繁，此时单一国家的保护往往力不从心，在地缘政治冲突加剧时，贸易的往来甚至更加分裂。

There is a tendency in the protective functions of government to emphasize security at the expense of the development of a competitive system’s ability to coordinate and control, at the expense of prosperity. Moreover, the globalization of information and capital has made transnational transactions and collaboration more frequent, at a time when the protection of a single country is often weak, and when geopolitical conflicts have intensified, trade is even more fragmented.


区块链/Web3是一种新的经济基础设施，与国家一起用于协调和交换。它使用密码学的方式保护产权的安全，最从根本的产权开始，将对复杂制度的信任从单个组织转移到分散化的结点和可验证的代码上。它具有独特的经济特征，使它有可能补充，并在某些情况下直接与现有的机制竞争。

Block chains/Web3 are a new economic infrastructure that, together with the state, is used to coordinate and exchange. It protects the security of property rights by cryptography, starting with fundamental property rights, shifting trust in complex systems from individual organizations to decentralized nodes and verifiable codes. It has unique economic characteristics that make it possible to complement them and, in some cases, to compete directly with existing mechanisms.


2. 竞争的产权创新


由于产权制度的牵一发而动全身，历史上产权的演变相当迟缓，但每一次的进步都会带来巨大的影响。当前的链上经济体系和实体经济关联不大，创新也激进许多。Web3用技术的手段保证无准入、低门槛、开源和竞争性，使得基础的Token创新层出不穷。“币圈一天，人间一年”，本意是指Token的涨跌相较传统资产要剧烈得多，这也侧面说明了在这样一个开放的竞争市场中，每天都有新的标准、协议、产品产生并迅速被市场验证和淘汰。

Web3 uses technology to ensure non-accessibility, low thresholds, open source and competitiveness, making the underlying Token innovation flourish. “A currency circle of one day, one year,” meant that Token’s growth and decline were much sharper than traditional assets, and this suggests that, in such an open competitive market, new standards, protocols, product generation, and rapid market validation and phase-out are available every day.


例如产权界定上的，将数字信息资产化的NFT，这类商品在没有Token化之前是不能自由交换的。虽然目前真正的应用仅仅只在看起来纯粹是玩具的头像和数字艺术上，但这是因为当前的ERC-721标准并未将数字信息产权的权利束真正打开，导致按图索骥寻求应用场景，找来找去只能落到了无履约风险、所见即所得的炫耀经济。但不断更新的新协议，如能将NFT所有权和使用权分离的ERC-4907，不可转让的SBT，都在不断探索真正的用例，并将立即被市场优胜劣汰。许多杰出的人才正在探索如何使用NFT创造出更公平的创作者经济、更开放的游戏。

For example, on property rights define NFTs that assetize digital information, which cannot be freely exchanged without Tokenization. While the real application is currently only on the head image and digital art that seems to be pure, it is because the current ERC-721 standard does not really open the rights to digital information property rights, leading to the search for applications based on a stoked search for a tweaking economy that can only be found without performance risks and the perceived flaunting of the economy. But new and updated agreements, such as the ERC-4907, which separates the ownership and use of NFTs, are constantly exploring real examples and will be immediately defeated by the market.


再比如属性界定上的，DeFi协议的可组合性。结合后文会详细叙述的智能合约自动履约特性，新的DeFi应用可以安全地接入已有的DeFi应用，相当于原有Token凭空增加了功能和权利，可以从其他协议中获得流动性，提高资金利用效益。

For example, the attribute defines the collusiveness of the DeFi agreement. In conjunction with the automatic performance characteristics of the smart contract, as detailed in the following text, the new DeFi application will provide safe access to the existing DeFi application, which is equivalent to the addition of functions and rights by the original Token, which will generate liquidity from other agreements and improve the efficiency of the use of funds.


还比如商业模式上的，各式眼花缭乱的Tokenomics设计。同一个Token可以分出一串权利束，持有ETH即可以支付gas fee，用作和以太坊生态交互的基础货币，又能享受以太坊生态繁荣带来的币价升值，在Merge后还能通过质押享受分红。Token持有者即是客户，又是所有者。将在传统公司制下与业务分割的产权引入业务逻辑，以Token为纽带衔接业务飞轮和金融飞轮，可以在早期激励用户，以加速达到网络效应临界点。虽然有部分模型被诟病为庞氏、死亡螺旋，但此类商业模式的探索是有意义的。

The same Token can divide a set of rights, holding the ETH as a base currency for the interaction with the Taiku ecology, and enjoying the appreciation of the value of the eco-promotion in the Taiku, as well as the dividends of Merge's pledge. Token is the client and owner. The business logic that will be introduced in the traditional company-based property rights, with Token as the link between the business wheels and the financial wheels, can stimulate users at an early stage to accelerate the threshold of the network effect. While some models have been described as Ponzi, the death spiral, it is interesting to explore such business models.



五、从契约到智能合约


有了产权，下一步就是交易。智能合约本质是用代码保证自动实施的契约。名字很唬人，但智能合约其实并不智能还有些笨拙，一个bug就会导致巨额资金被攻击。类似于用自动售货机代替售货员，用AMM取代中心化交易所，可以降低交易费用、信任成本和流程中人的风险，提高资产流通速度，加速价格发现。

With property rights, the next step is a transaction. Smart contracts are code-based contracts that guarantee automatic execution. The name is preposterous, but smart contracts are not really smart and a bit clumsy, and a bug can lead to an attack on a huge amount of money. Like a vending machine that replaces a salesman, and an AMM that replaces a central exchange, can reduce transaction costs, trust costs, and the risks to people in the process, increase the speed at which assets flow and accelerate price discovery.


算法真的可以替代契约吗？回到交易费用理论，换句话来说，算法可以降低准备契约的成本（信息的采集）、达成契约的成本（谈判、签订）、监督和实施契约的成本吗？理想很丰满，简单的转账、超额抵押借贷，用计算机/代码/机器/智能合约执行当然成本最低，但人与人间的经济活动如此复杂，当前的智能合约连最基础的信用借贷契约、雇佣契约（DAO的基石）都无法很好实现。

algorithms really can replace a contract? goes back to the theory of transaction costs. (information gathering), , costs of monitoring and implementing a contract. Ideals are rich, simple transfers, over-collateral lending, implementation of computer/codes/machine/smart contracts is certainly least costly, but people-to-people economic activities are so complex that the current smart contracts are the most basic credit-lending contracts, employment contracts .


智能合约的计算性特质导致它更适合处理完全契约。但现实生活中，由于涉及人力资本的契约面临相对物质资本更高的测度成本，大多数契约都是不完全契约。

The computational properties of an intelligent contract make it more appropriate to deal with a full contract. But, in reality, contracts involving human capital face higher measured costs of relative material capital, and most contracts are incomplete.


完全契约理论中，契约条款详细地表明了在契约行为相应的未来不可预测时间出现时，每一个契约当事人在不同的情况下的权利与义务、风险分担的情况、契约强制履行的方式及契约所能达到的最终结果。不完全契约理论中，由于个人的有限理性，外在环境的复杂性、不确定性，信息不对称和不完全性，契约当事人和仲裁者各方都知道契约条款是不完全的，同时也需要协调不同的激励约束机制来填补契约中的缺口，纠正扭曲的契约条款和更有效地适应意外的干扰。

In the full contractual theory, the contractual terms detail the rights and obligations of each contracting party in different circumstances, the allocation of risk, the manner in which the contract is enforced and the final results that the contract can achieve when the future unpredictability of the contractual act occurs. In the incomplete contractual theory, owing to the limited rationality of the individual, the complexity of the external environment, uncertainty, asymmetrical and incomplete information, both the parties to the contract and the arbitrators are aware that the contractual terms are incomplete, and there is a need to coordinate different incentive binding mechanisms to fill gaps in the contract, correct distorted contractual terms and adapt more effectively to unforeseen disturbances.


随着度量、界定、维护和交换产权的成本不断降低，契约的不完全在一定程度上可以被缓解。在经济活动和契约有很多“计算性”的组成部分，我们过去都在用人力模拟去实现计算。但随着技术进步，今天计算机、尤其是区块链智能合约的发展，更贴近计算性的本质。在储户和银行的存取契约中，复杂的支票校验需要经由银行柜员帮助，随着银行系统和银行卡不断降低监督契约的成本，ATM取代了银行柜员。同样在雇主与雇员的雇佣契约中，雇员的产出成果需要雇主主观评估，随着标准流水线的演化，计件工资取代了雇主评估。

As the cost of measuring, defining, maintaining and exchanging property rights continues to decrease, not all of the contracts can be mitigated. In economic activities and contracts, there are many “calculations” components, and we used to use human simulations to calculate them.


机器/代码的契约优于人的地方在于精确、高效。当产权制度足够先进，无论是由于技术进步还是制度进步，计算系统能大幅降低交易成本、提升精度，取代人类成为契约的主导者。从复杂的美团外卖调度系统已经可以看出趋势，庞大的系统将骑手、商家、顾客串联起来，其中涉及多个复杂契约的签订和履行：

When the property rights system is sufficiently advanced, whether as a result of technological or institutional advances, the computing system can significantly reduce transaction costs and improve accuracy, replacing the human being as the owner of the contract. The trend is already evident from the complex United States Outsales dispatch system, which brings together riders, merchants, customers, and involves the conclusion and implementation of a number of complex contracts:





契约是当事人不受干预和胁迫地自由选择的结果，它包括签约与否的自由、选择签订契约方的自由、决定契约内容的自由和选择契约方式的自由。任何第三方包括作为立法者和司法者的国家，都应尊重当事人的自由合意。Web3的一大主张就是要打倒Web2巨头是因为它们虽然明面上提供了上述自由，实质上撤销缔约成本极大。区块链和智能合约的创造者，是规则的制定者和维护者，本身并不一定是参与方，参与方是世界上互不认识的人。

A contract is the result of a free choice of the parties, free from interference and coercion. It includes the freedom to enter into a contract, the freedom to choose the parties to enter into it, the freedom to determine the content of the contract, and the freedom to choose the form of the contract. Any third party, including the State that is the legislator and the judiciary, should respect the free agreement of the parties. One of Web3’s main propositions is to defeat the Web2 giants because, while they explicitly provide that freedom, the substantial costs of withdrawing the contract are enormous.


当越来越多的产权被明晰并放在链上，试想一下跑在Web3上的，没有美团参与的外卖调度算法，或者说更广义的契约系统，将规则的制定和维护公开化竞争化会创造更公平、更高效的规则，减少“外卖骑手被困在系统中”此类平台权力野蛮生长的悲剧。

When more and more property rights are made clear and placed on the chain, imagine running on Web3, an out-of-sale dispatch algorithm that does not involve the United States Regiment, or, more broadly, a contractual system in which open competition for the development and maintenance of rules creates fairer and more efficient rules and reduces the tragedy of “sale riders trapped in the system” where the power of such platforms thrives.


随着产权制度的细分和完善，经济活动中很多组成部分，包括生产和交易中重复机械性的部分、计算性规则和秩序，可能都将被机器和智能合约取代。金融体系产权发达、计算性规则清晰、交易成本昂贵，因此改造难度低，创造的经济效益大，不难解释为什么DeFi是Web3第一个爆发式应用方向。

With the breakdown and refinement of the property rights system, many components of economic activity, including the repetitive mechanical parts of production and transactions, computational rules and order, may be replaced by machines and smart contracts. The financial system of has advanced property rights, clear computational rules, and high transaction costs.


六、Web3的未来


逻辑链顺下来，未来我们可能会在链下交往、生产，而经济活动相关契约的制定，履行和监督都在链上，极大降低交易摩擦，提升资源配置效率。听起来有些赛博朋克，畅想未来总是愉快的，但很显然目前的Web3绝对不是上面描述的理想中的Web3，它还只是一个混沌状态。和互联网的信息属性不同，由于它与生俱来的经济属性，赌徒骗子蜂拥而至，又由于它深远的革命意义，爱讲大词的空想家不吝传教。

Logical chains follow, and in the future we may interact, produce, and economic activity-related contracts are drawn up, implemented and monitored on the chain, significantly reducing trade frictions and increasing resource allocation efficiency. Some of Cyberbunks seem to be happy about the future, but it is clear that the current Web3 is not the ideal Web3 as described above, but it is still a mess.


进步不能靠只讲现实的现实主义者、只有理想的理想主义者，而是需要有理想的现实主义者、和讲现实的理想主义者。Vitalik就是最后一种人，不尽如人意的现象我们都知道，但重点是要解决问题，我们还要做很多工作，这也意味着蕴藏很多商业机会：

The progress of cannot be based on realityists, idealists of ideas alone, but on idealists of ideas and dreamers of reality. Vitalik is the last human being, and we all know it, but the focus is on solving the problem, and we have a lot of work to do, which also means a lot of business opportunities:






   ...


至于应用上的，还有什么权利可以用Token表示？该设计怎样的交易规则降低Token的交易成本？没有编程背景的普通用户怎样简单创建自己的智能合约？建立在产权和契约之上的组织该如何演化？路漫漫其修远兮，还有很多创新值得去探索。

What right, as far as application is concerned, can be expressed by Token? What kind of transaction rules should be designed to reduce Token’s transaction costs? How can ordinary users without programming backgrounds simply create their own smart contracts? How should organizations based on property rights and contracts evolve?


七、尾巴


在经济发展问题上，“技术决定论”和“制度决定论”是两种有代表性的观点，新古典主义理论认为经济增长主要受制于要素投入和技术进步，制度只是被动或滞后地调整；而制度经济学家认为最根本的因素是制度进步，正是有效率的经济组织以及恰当的激励制度安排，才导致西方世界的兴起和工业革命的爆发。

On the issue of economic development, “technical decision” and “institutional decision” are two representative points of view. Neoclassical theory holds that economic growth is largely subject to factor inputs and technological progress, and that the system is merely subject to passivity or lag; and institutional economists believe that the most fundamental factor is institutional progress, which is the efficient organization of the economy and the appropriate incentive system arrangements that have led to the emergence of the Western world and the eruption of the industrial revolution.


把制度和技术决然分开是很困难的，它们的关系实际是你中有我，我中有你。这两者所谓决定论最终要与成本联系起来，它们对于社会经济发展的绩效都可以用成本来分析。将创新看作一个系统，技术创新和制度创新是两个不可或缺的组成部分，唯有组合在一起才互补和互动。

It is very difficult to separate systems and technologies from each other. The relationship between them is actually between you and me. The two so-called decisions are ultimately linked to costs, which can be analysed for socio-economic development performance.


互联网虽然更多是信息技术的创新，也带来了更扁平和无边界的组织形式。虽然这篇文章通篇都在用制度的视角思考Web3的逻辑，但技术的进步也相当重要。此外，关于更复杂的制度例如组织、合作、企业，甚至国家理论的分析，由于篇幅限制以后有机会再展开。笔者并非制度经济学的专业学者，只是挂一漏万，提供一个新的视角思考Web3，欢迎交流。

While the Internet is more innovative in information technology, it also brings with it a more flat and borderless form of organization. While the entire article is thinking about the logic of Web3 from a systemic perspective, technological advances are also quite important. Moreover, analysis of more complex systems, such as organization, cooperation, business, and even national theory, has an opportunity to re-open after space constraints.


参考文献：

References:

https://www.coinbase.com/learn/market-updates/around-the-block-issue-22

https://www.coinbase.com/learn/market-updates/around-the-block-issue-22

https://wenli.substack.com/archive

"ext-remarks" label" https://wenli.substack.com/archive

https://github.com/JoanJiao/TokenEconomyBook_Chinese/wiki

https://github.com/JoanJiao/TokenEconomyBook_China/wiki

https://book.douban.com/subject/11511489/

https://book.douban.com/subject/1111489

https://www.amazon.com/Understanding-Blockchain-Economy-Institutional-Cryptoeconomics/dp/1800373856

https://www.amazon.com/Understanding-Blockchai-Economic-Cryptoeconomics/dp/18003373856

https://www.youtube.com/watch?v=o7x_mikyMWU

https://www.youtube.com/watch?v=o7x_mikyMWU


本文来自微信公众号：暗淡橘瓣（ID：andan_juban），作者：Kokii

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